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Accounting Basics: What Is Accounting?
Financial accounting is the process of recording, organizing, and interpreting financial transaction and performance information about a company. Financial reporting is an extension of financial a ...
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Accounting Basics: Basic Accounting Concepts
Accounting is based on a number of fundamental concepts that are applied universally. Historical Cost All amounts recorded on the company’s balance sheet are made at recorded cost . With ce ...
Tags: ledger balance IASB accrual accounting basics recorded cost t-account debit credit
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Accounting Basics: Basic Accounting Statements
Financial accounting is categorized into four basic elements: assets , liabilities and owners’ equity , revenues , and expenses (each of which is explained below). Assets and expenses are r ...
Tags: balance sheet cash flow statement income statement assets equity revenue expenses accounting basics basic accounting statements
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Accounting Basics: Assets
include both current assets and long-term assets. Current Current assets are those assets expected to be realized (converted to cash) within the next 12 months. Cash and cash equivalents: These in ...
Tags: intangible assets fixed assets current assets long-term assets accounting basics assets
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Accounting Basics: Liabilities
Like assets, liabilities can be either current or long-term. Current Current liabilities are those that are due or expected to be paid within the next 12 months. Accounts payable: Inversely relate ...
Tags: long-term liabilities current liabilities accounting basics liabilities
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Accounting Basics: Owners’ Equity
Owners’ Equity Owners’ equity represents the excess of total assets less liabilities. It consists of four components: capital stock, additional paid-in capital, retained earnings, an ...
Tags: accounting basics owners' equity equity
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